A report released by the Commerce Department on Thursday showed a modest decrease in U.S. business inventories in the month of October.
The Commerce Department said business inventories edged down by 0.1 percent in October after showing no change in September. The slight drop in inventories matched economist estimates.
The modest decline in business inventories was primarily due to a 0.5 percent decrease in wholesale inventories.
The report said retail inventories were unchanged during the month, while manufacturing inventories rose by 0.2 percent.
Meanwhile, the Commerce Department said business sales climbed by 1.6 percent in October after surging up by 1.6 percent in September.
Manufacturing and retail sales both rose by 0.6 percent, while wholesale sales increased by 0.7 percent during the month.
With inventories falling and sales rising, the total business inventories/sales ratio dipped to 1.35 in October from 1.36 in September.
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